PM: Kazakhstan expects no tenge devaluation

There are no prerequisites for a sharp weakening of the national currency, the tenge, in Kazakhstan, Prime Minister Olzhas Bektenov said at a press conference in Astana, Report informs.

"We don't expect devaluation," the head of the Cabinet of Ministers said, answering journalists' questions about the likelihood of a decrease in the tenge exchange rate against the dollar from 520 to 600 by the end of the year.

He noted that the country's budget includes a baseline scenario, in which, with an oil price of $60 per barrel, the tenge exchange rate will be 540 tenge per $1.

With a pessimistic forecast, if the oil price is $50 per barrel, the dollar exchange rate will depend on market demand.